Halliburton, Baker Hughes plan stakeholder meeting

Oil and gas services companies Baker Hughes and Halliburton unveiled plans to review stakeholder options for the planned Halliburton takeover.

Halliburton made a move to acquire rival Baker Hughes in November. David Lesar, Halliburton's top executive, said the combined company would create a "bellwether global oilfield services company" that would trade under the Halliburton ticker, HAL.

Both companies announced plans for a special stockholder meeting March 27 in Houston to review the planned acquisition.

"Halliburton stockholders will vote on whether to approve the issuance of shares of Halliburton common stock in connection with the acquisition, and Baker Hughes stockholders will vote on whether to approve the merger," they said in a joint statement issued Tuesday.

Halliburton under the terms of the deal buys all outstanding shares in Baker Hughes for $34.6 billion.

Baker Hughes balked initially at the deal. Chairman and Chief Executive Officer Martin Craighead advised shareholders against the deal after Halliburton said it would replace the entire board with its own directors.

A weakened crude oil market left companies working in the exploration and production side of the business to scale back spending for 2015 and lay off workers.

Halliburton in January said it was adjusting its workforce in Texas as it works to streamline operations in the weakened market. Craighhead said low oil prices would "clearly" impact the revenue stream for 2015.